- Goldman Sachs is studying the crypto market at the moment and has no plans for a crypto-focused trading desk.
- “We might at some point in time, but there’s no question, when you’re dealing with cryptocurrency, it’s a new area,” CEO David Solomon.
The CEO of Goldman Sach has come out to deny claims that the bank is planning to start a crypto trading desk. The remarks were made during the United States House of Representatives Financial Services Committee on April 10. The particularly hearing was entitled “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.”
Earlier reports surfaced that Goldman Sachs has plans to launch a cryptocurrency trading desk before the end of June 2018. The details of the plans were published in a report by Bloomberg in December 2017. Last year in September, another report from sources linked to Business Insider said that the plans had been abandoned. However, a few days later, the CFO Martin Chavez refuted the claims terming them “fake news.”
According to Solomon:
“The first [Bloomberg article] wasn’t correct. Like others, we are watching and [...] doing work to try to understand the cryptocurrency market as it develops [...] but we never had plans to open a cryptocurrency trading desk.”
The CEO did not, however, say that they are ruling out the idea of crypto involvement in the future:
“We might at some point in time, but there’s no question, when you’re dealing with cryptocurrency, it’s a new area [...] it is unclear from a regulatory perspective, it’s unclear whether [...] in the long run, as a currency, those technologies are going to work and be viable.”
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